Brent drops below $79 as US-Iran pact points to faster oil supply

Oil extended its slide Wednesday, with Brent settling below $79 a barrel for a fourth straight daily loss as traders bet a US-Iran interim deal will bring stranded crude back to market. The agreement, expected to be signed Friday, would reopen the Strait of Hormuz and let tankers trapped since the conflict began resume transit. The Wall Street Journal reported the pact would also let Iran immediately sell oil, while draft terms include export waivers for Iranian crude and petrochemicals. Morgan Stanley and Goldman Sachs both cut price forecasts, and Dubai and Murban benchmarks flipped into contango, a bearish market structure that points to oversupply.